Property Treaty Underwriter

Purpose of Role

• The Property Reinsurance team in London exists to provide treaty reinsurance solutions for property portfolios of insurance companies globally which elect to purchase treaty reinsurance in the London Market. We work closely with all other Property Teams. We sell both Lloyd’s and Company market capacity.

Key Responsibilities

Strategy and Planning

• Support the development of the annual business plan for the Underwriting division and ensure delivery of the plan in accordance with stated risk tolerances
• Ensure the team’s awareness of the business plan and its context so that they are able to take appropriate action and make informed decisions
• Contribute and participate in all meetings in order to share and develop strategy, knowledge and best practice
• Contribute new ideas and concepts to support the development and delivery of the business plan

Delivery

• Establish and strengthen relationships with brokers, industry bodies, business partners, reinsurers and colleagues, to maximise influence and achieve business objectives
• Demonstrate understanding and awareness of market dynamics and market cycles to drive and enhance business performance
• Continually develop expertise and technical knowledge through appropriate development initiatives
• Underwrite insurance risks in accordance with the business plan and personal authority to meet business objectives, including:
• Negotiating rates, terms and conditions for existing and new business
• Compliance with the production and issue of documentation in accordance with contract certainty requirements
• Contribute and influence in the review and analysis of the portfolio, to identify progress towards business objectives
• Ensure entries are properly recorded onto relevant systems in a timely manner whilst ensuring accuracy of data with relation to both underwriting and aggregate exposures

Technical Competence

• An understanding of insurance and reinsurance in general, specifically property classes and different treaty reinsurance products.
• An appreciation of how Global socio-economic forces affect (re)insurance and of how local business & regulatory environment affects (re)insurance.
• Knowledge of treaty reinsurance wordings, contract terminology & clauses
• Knowledge of performance indicators relevant to the measurement of a treaty reinsurance portfolio – CoR, ELR, ULR, ILR, GWPI, GEPI etc.

Data Analysis

• Ability to analyse & manage data inputs & outputs in the underwriting process and understand the relevance of the data for property reinsurance.
• Select relevant data in the underwriting process to ensure a consistent pricing approach

Technical Pricing & Underwriting

• Understanding of a range of technical pricing tools & concepts relevant to property (re)insurance; what data is required to price property reinsurance and how to spot missing/ incomplete items
• Understanding of contractual language to assist the underwriter with the evaluation of a wording
• Understanding of exposure management techniques and how the application of aggregate limits & ERM affects the technical pricing, where appropriate
• Support of underwriters during underwriting in the completion of the quote/bind process as well as liaison with operations support throughout

Relationships

• Ability to establish strong interpersonal relationships with managers, underwriters, peers & internal support functions
• Ability to establish strong external relationships with brokers & clients by attending external meetings with underwriters & drive communications during & after the underwriting process
• Strive for Trusted Partner status with colleagues achieved through actions and abilities

Projects

• Participate in projects at all levels of involvement and expand skills & knowledge by engaging with projects & educational opportunities
• Support internal & external projects relevant to your role and work with peers
• Work flexibly to deadlines and to contribute to well-formed outcomes
• Work according to our service quality guidelines
• Look to add value to the tasks you are involved inandsensure the correct & timely completion
• Adapt to changing circumstances or deadlines and proactively manage the work environment

Policy, Process and Procedures

• Compliance with all applicable internal and external laws, regulations, policies, procedures and guidance
• Adhere to underwriting standards, instructions and best practice methodology in order to minimise risk
• Apply any reinsurance requirements in accordance with stated risk tolerances and to deliver against business plan

Skills and Experience

• Extensive knowledge and experience of relevant market conditions for specific class/portfolio in the insurance industry.
• Demonstrate good knowledge of legal and regulatory requirements
• Good knowledge of relevant underwriting systems
• Thorough understanding of class specific underwriting and reinsurance knowledge
• Intermediate/ advanced level understanding of relevant software including Excel and other departmental software packages
• Excellent level of numeracy and literacy skills
• Ability to build relationships and have excellent interpersonal and communication skills
• Excellent analytical and negotiation skills
• Well-rounded organisational and prioritisation skills
• Ability to analyse and use data for decision making
• Use of risk profiling and pricing tools and loss models
• Strong established customer/broker relationships

For extra information please contact:- 

London: 0203 411 8430

Email: admin@lawesgroup.co.uk